In view of concerns highlighted above, it will be better if either SC itself comes forward in reconsidering its own decision, or Government of India comes forward for making suitable clarificatory amendment so as to confirm requisite legal base to board understanding/circular etc, in the statute.

The author uses his expertise to put the delicate issue of judicial activism in its proper perspective. He argues, with reference to several judgements, that Courts should not cross the “Lakshmana Rekha” so as to avoid abuse of the judicial process.

The author lucidly identifies all the controversial issues relating to securities transactions and gives his unique perspective on the subject with copious reference to case law.

Let us refresh our understanding of Double Tax Avoidance Agreement System (DTA) from plain basics to a controversy. There are some basic concepts on which this system of Eliminating Double Tax (EDT) is based. Normally, the phrase “Elimination of Double Tax” is not used too often. Hence there are no popular short forms for the same. I am using this phrase in the current presentation too often. Hence the short form: EDT.

Doctrine of Jurisdiction in International Laws* Shri. M. V. K. Moorthy, Advocate International Law is a fascinating but complicated subject. The author uses his expertise to demystify the subject and traces out all the fundamental principles that form the core …

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Every year, the law is changing. Of course, the society is dynamic and the law is bound to go on changing periodically. But in the case of taxation practice, the law changes very fast every year. Therefore, it is a very good opportunity for all lawyers who are practising on taxation side. With a changed law, in my opinion, normally no assessee will be comfortable with filing his return, He has to approach a tax practitioner and that will be a very good opportunity to a tax practitioner.

The author laments the prevalent tendency to enact retrospective legislation to nullify judgements that are unpalatable to the Finance Ministry. He argues that this tendency undermines the sanctity of the rule of law and shows scant respect to the judiciary.

The Income Tax Appellate Tribunal was established in the year 1941, on a demand from the assessees, perhaps the Bar also, that there should be an independent body of persons to determine the facts or there should be the final court of facts, so far as the Income Tax is concerned. Perhaps this was the first Tribunal which was created in the country. I don’t know whether it was then called Tribunal, Financial Commissioners, as Tribunals were known, when they were hearing revenue appeals. Over the past 66 years, it has fully justified its existence. People have faith in it. Few aberrations here and there are accepted. This is perhaps the only Tribunal, the existence of which has silenced the debate whether we should Tribunalise the justice or not. This is one of the Tribunals, existence of which is not questioned. There are many other Tribunals which have been constituted and which Governments want to constitute, their existence is being questioned or people are asking: If ultimately we have to go to the High Court or to the Supreme Court, why have Tribunals?

I, however, remember till today the eventful one month that preceded the closure of proceedings which I had commenced with great fervour and enthusiasm against the Birlas as a young company circle officer of the Income-tax Deptt. at Calcutta and my first and last encounter with the redoubtable N.A. Palkhivala!

Analysis of recent Supreme Court judgements CA Kapil Goel The author has made a critical analysis of four recent and important decisions of the Supreme Court in R & B Falcon vs. CIT, Goetze India vs. CIT 284 ITR 323, …

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